Monetum, a cryptocurrency exchange based in Zug Switzerland, has been approved to become a member of Swiss Financial Services Standards Association (VQF). As a member of the VQF, Monetum would be able to operate as a Virtual Assets Service Provider.
To consumers, this is a confirmation that Monetum’s product is completely compliant and adheres to Switzerland’s Anti-Money Laundering (AML) laws. These laws are by design made to stop cyber criminals from laundering fiat and cryptocurrencies via trading platforms and online digital wallets. This acceptance gives monetum’s customers reliability and trust for investors to register and trade cryptocurrencies on this platform.
Importance of VQF’s Approval
Switzerland’s economy is one of the most stable economies in the world. It is also one of the first countries in the world that showed a positive attitude towards Bitcoin, cryptocurrencies and blockchain technology in general. The cryptocurrency regulations in Switzerland support a healthy environment for cryptocurrency investors, ICO’s and blockchain developments.
Switzerland’s small town Zug, just outside Zurich, houses “Crypto Valley”, Switzerland’s picturesque blockchain version of Silicon Valley. Crypto Valley is a cluster of companies and foundations focusing on cryptocurrencies and related-crypto technology. It has become one of the hottest areas of investment and entrepreneurial activity over the last few years, with billions invested in the sector.
In Switzerland, VQF is the largest cross industry Self Regulatory Organizations (SRO) with a long history of meeting the standards set by Swiss Financial Market Supervisory Authority (FINMA). Authorized by the FINMA, VQF is given the responsibility to oversee financial intermediaries in Switzerland to be compliant with Anti-Money Laundering (AML) regulations.
In addition to being the SRO, VQF is also responsible for their role as an Industry Organization for independent Asset Managers (BOVV) according to the Collective Investment Schemes Act and its auditing services. VQF provides further services concerning legal consulting for financial intermediaries and other persons trading in goods pursuant to the Anti-Money Laundering Act (AMLA).
Marco Lavanna, Founder and Chairman of Monetum, explained why this membership is of crucial value for the continuity of their journey:
“The Swiss VQF membership is of vital importance to Monetum and our customers, partners, investors, and the industry at large. This is a crucial step in our journey to becoming a fully operational company. This membership gives us a wide range of future business development so we can continue to build the bridge between fiat and crypto.”
Monetum’s Platform Acts as a Bridge
Mr. Lavanna’s in depth experience and strong knowledge in the world of legacy payments and his successful contribution to pre-bitcoin projects like eGold in the late nineties led him to create Monetum, which enables and arms businesses and individuals with capabilities, resources, and solutions that contribute to their success whether it be sending money, running a marketplace, accepting payments, investing in crypto, or simply trading.
Monetum allows users to experience both worlds of fiat and cryptocurrency by creating the bridge between the two. This would help and inspire investors to use and educate themselves about the future of money, cryptocurrencies and blockchain. The platform also operates as a traditional exchange allowing users to trade their crypto and fiat currencies.
The integration with their fiat partner will enable clients to link their crypto holding to a fully regulated IBAN (International Bank Account Number). The fiat payment /gateway portal bridging crypto to fiat is an EU compliant and regulated entity.
The Swiss regulatory status will require Monetum’s customers to go through a proper KYC process. The regulated status of Monetum, the strong experience of its managers and of its newly-appointed external AML Officer – JayBee AG –together with the Swiss environment will further reassure their customers as to the protection of their funds at all times whilst placing Monetum as a trusted brand and partner in the market.